Pig ReGen Limited (a company limited by guarantee) Financial statements for the year ended 31 March 2023 Nl 063168 Charity number XT10373
Pig ReGen Limited Contents Pages Trustees, advisers & other information Trustees, report Independent Examiner's Report Statement of Financial Activities Balance sheet Notes to the financial statements 10-15
Pig ReGen Limited Trustees and advisers Trustees Gary A. Anderson (Chairnian) A. Norman Robson Samuel J. Shields Lyndoii W. Milligan James Wriglit Cyril M. Millar Andrew Mccrea Malcolm F.C. Keys Philip Walker William Anderson Derek Hall William A.I. Ferguson Samuel G. Cuddy Robert E. Ferguson Andrew J. McGowan James K. Millar Company secretary Lyndon W. Milligan Registered office HMT Consultancy 658 Gransha Road Bangor BT19 7PX Accountants Neeson Chambers Ltd 123-125 Main Street Bangor BT20 4AE Bankers Bank of Ireland 82A Main Street Bangor BT20 4AG Soli¢itors Quinn & Heron 15 Broad Street Magherafelt BT45 6EB
Pig ReGen Limited Trustees, report for the year ended 31 March 2023 The Trustees present their annual report and the unaudited financial statements for the year ended 31 March 2023. The information with respect to the Trustees and Advisers set out on page I form part of this report. The financial statements comply with current statutory requirements, the Merriorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015)- Structure, Governance and Management Pig ReGen Limited is a charitable company limited by guarantee with no share capital. It is governed by its Memorandum and Articles of Association. The Board of Trustees are also the directors of the charitable company. The assets and undertakings of the Pig Production Development Fund and PIG Industry Genetics Limited were transferred to Pig ReGen Limited on l April 2008 under the Pig Production Development Committee (Winding up) Order (Northern Ireland) 2007. Risk Management A risk policy and a risk register have been agreed. Under the policy the board reviews annually the major risks to which the charity is subject and how to manage th¢m. A key element in the management of the financial risk is the setting of a reserves policy and its regular review by the trustees. Objectives and Principal Activities The principal activity of Pig ReGen Limited is to advance education for the public benefiL in particular, by conducting and commissioning research and surveys into th¢ improvement and development of pigs, pork and pig farming in Northern Ireland and to disseminate and publish useful results of such research and surveys. Review of Operations and Future Developments Tlie charity is dependant on the goodwill of its voluntary levy fuDders. Northern Ireland pig producers. Given this. the trustees have put in place a range of systetns lo try to ensure appropriate research projects are committed, that research findings are fully and innovatively disseminated and that feedback and engagement is sought. All projects are approved by the trustees before moneys are allocated to any project and no grant is approved until finances are fully in place to complete the contracted project.
Pig ReGen Limited Trustees, report for the year ended 31 March 2023- eont'd Review of Operations and Future Development The projects supported by Pig ReGen Ltd continue to fall into the following board cat¢gories: l. Improving health and welfare of the Nl pig herd. 2. Research into improving efficiency and cotnpetitiveness of Nl producers. 3. Education. Health and Welfare Because of the continued situation and complications as a results of Covid regulations our vets had only limited access to factories, however two surveys were completed and circulated among producers. The PRRS project referred to in the previous report is almost completed. A meeting was held wÈth producers to update results in November and a very successful ¢v¢ning seminar open to producers and others with associated interest. Presentations were given by Zoom from Denmark where similar work is being carried out by Boehringer specialist in PRRS and its effects on general health and welfare of pigs. Research The 3 year research project with AFBI into factors affecting quantity and quality of colostrum produced by sows post farrowing colostrum is continuing although results are not yet available. Education Due to COVID-19 Regulations all meetings both management and producer were restricted to Zoom meetings and telephone conversatlons. Educational infomiation was circulated among producers by email. The Directors are satisfied that the activities of Pig ReGen Limited accurately reflect the aims of the charity.
Pig ReGen Limited Trustees, report for the year ended 31 March 2023 - cont'd Key Performance Indicators Given the slraightforward nature of the business, the company's trustees are of the opinion that analysis using KPI'S is not necessary for an understanding of the development, performance or position of Ihe company. Reserves Poliey The trustees hav¢ established a policy whereby the company's free reserves, being funds not comitted to third parties for res¢arch, should repr¢s¢nt at least six months, annual income. At this level the trustees are of the view that the company would be able to continue in the event of a significant drop in funding. Organisation The Board of Trustees meets at least 4 times per year. The Chairman, Vice-chairman and Company secretary meet frequently to review the day to day operation and governance of the organisation. Trustees The trustees who served during the year are listed on page l. The Articles of Association indicate that any reference to "the trustees" means the Directors of the charity. The trustees of the company during the year to 31 March 2023 all of whom have been Trustees for the whole year ended on that date otherwise stated are listed on page l. The trustees act in a voluntary capacity and do not receive any remuneration.
Pig ReGen Limited Trustees, report for the year ended 31 March 2023 - cont'd Appointment of Trustees The number of trustees shall not be less than 8 or exceed 24. Subject to Ihis the board shall include certain persons who fall into the followittg categories:_ Three farmers with more than 600 sows. Three farmers with 250-600 sows. Three farmers with less than 250 sows; and One UFU Central Pork and Bacon Committee representative. Trustees Induction and Training New trustees Iiave an induction briefing from the chairman and or company secretary which provides information and guidelines on their tasks and responsibilities together with an outline of the objectives of Pig ReGen Ltd. They also receive copies of past trustee minutes and approved research proposals. Results The net incoming resources for the fInancial year were £17,848 (2022- incoming resources of £56,024), yielding total funds at the end of the year amounting to £1,446.669 (2022. £1,428,821). Governance and Internal Control The trustces have an overall responsibility for ensuring that there is an appropriate system of internal controls and that it complies with relevant laws and regulations. The systetn of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss. Key features of the system are an annual budget approved by the trustees, regular consideration by the trustees of financial results, variance from budgets. other performance indicators and benchmarking reviews, delegation of authority and segregation of duti¢s and the identification, review and management of strategic business and operational risks.
Pig ReGen Llmlted Trust¢es' report for the ytAr eud¢d 31 M•rcb 2023 -CODVd Statcffjeni of trus¢eu' ruponilbilldu The Irustee5 are responsible for preparing the annual report and the financial slalements in accordance with applicable law and United Kingdom Accountin8 Stsndards (United Kingdom Generally Accepted Practi¢¢l Co¥npany law requires the lThste&s to prepare financial stai¢ments f(Y eaL.h finuneial period which give a true and fair view of the stste ofaffair5 of the company for that 1r1. In preparing those financi41 slatcments. the ITU51¢CS are required to: select 5uilabl¢ accounting wlieies and then apply thcm consistenily, make jud8rnents and estimates thai arc reasonable and prudent: state whethcr applicable accountin8slandarL% have been followe¢ subjeu io any malerial dcparturc disclosejj and eAplaincd in the financial staternents, 4nd prepare the financial statcments on the going concern basis unless li 1$ inappropri8le to presume (hat the compAny will conunue in business, The Trustees confirm thai they have complied with th¢ above requirements in prcparing the financial ststements. The iruslees are responsible for kceping proper accounling reconls which di5clos¢ with rc8sonable aLcuracy dt any time the financial posiuon of the company #nd ty enable th¢m ¢n5ure that the rinancial Slatemen comply with the Companies Act 2(X16. They are also rtsponsible for safe8uaTdin8 the a$5ets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other iTregulafiiies. S•JAII Comp*ny Exemption This report hys becn prepared in accordancc with the special provisions ofpart 15 of tht Companics Act 2006 relating to small compani¢s. of tThe board on: Lyndtsn NfilliEAn Secretary
Pig ReGen Limited Independent Examiner's Report for the year ended 31 March 2023 We report on the accounts of the charity for the year ended 31 March 2023. which are set out on pages 8t0 15. Respective responsibilities of directors and examiner Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to. examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008. follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the Charities Act. and state whether particular matters have come to our attention. Basis of independent examiner's report We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparision of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. Our role is to state whether any material matters have come to my attention giving us cause to believe: l. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accounting records. 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examiner's statement We have completed our examination and have no concerns in respect of matters I to 4 listed above and, in connection with following the directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. We have not carried out an audit. Neeson Chambers Ltd 123-125 Main Street Bangor BT20 4AE Date: 20
Pig ReGen Limited Statement of Financial Activities for the year ended 31 March 2023 Unrestricted Funds 2023 2022 Note Incoming resources Incoming resources from generated funds: Levy income Grant income Investment income Total incoming resources 78,982 9276 33,880 122,138 78,162 16,806 26,718 121,686 Resources expended Charitable expenditure Direct programme expenditure Governance costs Management & administration 78,863 49,114 25,427 16,548 Total resources expended 104290 65,662 Net incoming resources for the year 17,848 56,024 Fund balance brought forward at start of year 1,428,821 1,372,797 Fund balance carried foThard at end of year 1,446,669 1.428.821 All amounts above relate to the continuing operations of the company. The company has no recognized gains and losses other than those included in the results above and therefore no separate statement of total recognized gains and losses has been presented.
Pig ReGen Limited BalaDce sheet as at 31 March 2023 Note 2023 2022 Flxed assets Investment property 683,268 683268 683,268 683.268 Current a55ets Debtors & prepayments Cash at bank 32.653 7S2J81 785,034 32,841 731.103 763.944 io Creditors: Amounts falling due within one year (21,633 (IX.391) Net current Ilabilitie5 763,401 745.553 Total assets Jess current liabilities 1,446.669 1,428,821 Funds Unrestrirtcd fund5 13 1,446.669 1.428.821 Total funds 1,446,669 1,428,821 The company is entitled to the exemption from the audit requirement contsined in sectioll 477 of Ihc Cornpanics Act 2006. for the year endcd 31 Match 2023. No member of the company h&8 deposited a notice. pursuant to section 476. requiring an audit of these accounts. The dir¢¢tors' responsibilites for ¢nsuriDg that the charity k¢q)s accounting records which comply with section 386 of thc Acl and lor prcparing accounts which give a true and fair vi¢w of the stale of affairs of the company 8s al the end of the finanLial year 3nd of its incoming rcsources aThd application of resources. in¢ludinE IÈS incomc including its income and cxpenditure. for iTrL¢ financial year and of its incoming iesourccs and application and expendiDJre5, for the financial year in accordan¢¢ wi(h the requirements of section 394 and 195 and whiLh ntherwisc comply with th¢ requirements of the Co[[anieS Act 2006 relaling to accounLs, so far as applicable to th¢ company. These acrounts have been pryared in accordancc with thc pn)visions applicable to companies subjeci to the small companies rcgimc. Tti¢se financial ststements were authorised for issue by the Board of Tnjslees on 2 . z3 and &igned on its behalf by - Gary A. Anderson Trustee
Pig ReGen Limited 10 Notes to the financial statements for the year ended 31 March 2023 Principal accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Reconciliation with previous Generally Accepted Accounting Pr2Ctiee In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 the restatement of comparative items was required. No such adjustments were required. Tangible Fixed Assets Tangtble fixed assets were transferred across from PPDC and PIG Limited on l April 2008 at cost less accumulated deprecation. As these assets are not presently held for operational use they have been revalued and included in the balance sheet at open market value. Incoming Resources Income represents all monies, on an accruals basis, collected on behalf of the company by its agents. The levy rate charged to producers is 15p per pig slaughtered in Northem Ireland, restricted to a maximum for each producer of £1,200 per annum. Resources Expended All expenditure is accounted for on an accruals basis and has been Classified under the headings that aggregate all costs related to the category. Direct Programme Expenditure Direct programme expenditure represents research and development grants and costs approved for payment which is charged as expendsture in the year in which the expenditure is incurred or the commitment is made and, as appropriate, is carried forward as a liability until paid.
Pig ReGen Limited 11 Notes to the financial statements for the year ended 31 March 2023 (continued) Management and Administration Expenditure These represent costs incurred in the management of the company's assets, organisational administration and compliance with constitutional and statutory requirements and other support nCtions. Value Added Tax The company registered for VAT on I September 2016. Income and expenditure are net of VAT where applicable. Unrestricted Funds Unrestricted funds are amounts received or generated and which are expendable at the discretion of the company in furtherance of its objectives.
Pig ReGen Limited 12 Notes to the financial statements for the year ended 31 March 2023 (continued) Investment Income Envestment income is recognised on a receivable basis and arises from investment property rental and bank deposit interest. Investment Property The investment properties values are reveiwed annually and are included in the balance sheet at their open market value. Any change to the value of the investment properties are disclosed as movement on an investment revaluation reserve, unless a deficit is expected to be permanent and is then charged in the Statements of Financial Activities (including income and expenditure account). On the sale of an investment property, the surplus or deficit arising since the last balance sheel valuation and any revaluation surpluses from prior years thus realised are transferred from investment revaluation reserve to Statement of Financial Activates (including income and expenditure account). No depreciation is provided in respect of investment properties. Capital Reserve The capital reserve (note 13) arose on the transfer of assets at book value from the old Pig Production Developnient Committee and PIG Limited. Investment Ineome 2023 2022 Rental income from investment properties Bank deposit interest 32,530 1.350 33,880 26,387 331 26,718 Direct Programme Expenditure 2023 2022 Mossvet AFBI trial work Parklands CIEL Creamill Hobson Electrics Acare Lab Violet Wylie Agrihealth 17,064 41,012 1,575 550 1,530 7,500 22,500 2.700 525 1,425 3,878 10,586 5,262 11,420 450 78,863 49,114
Pig Recen Limited 13 Notes to the financial statements for the year ended 31 March 2023 (continued) 4 Management & Administration 2023 2022 Investment property expenses Board travelling expenses Administration services Accountancy services Bank charges Sundry expenses 13J36 7,306 8,638 2,400 98 955 25,427 6,327 2,400 142 373 16,548 5 Employee Information The company does not have any employees. 6 Trustees, Emoluments The trustees received no emoluments during the year to 31 March 2023 (2022-£nil) and no other pension costs were accruing to trustees in either year. Details of reimbursed board travelling expenses are given in note 4. 7 Taxation The company is a registered charity. and as such. is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objective if these profits and surpluses are applied solely for charitable purposes.
Pig ReGen Limited 14 Notes to the financial statements for the year ended 31 March 2023 (continued) Investment Property Greenmount Cottages Kirby's Lane, Antrim No's 2,6,8,9 &12 - long leasehold 2023 2022 683,268 683,268 Gieenmount Cottages were revalued in 2009 at open market value for existing use by Tom Evans of Evans Little Estate Agents, Antrim. This valuation is still considered valid by the trustees. Details of rental income and related costs are given in notes 2 and 4. Debtors 2023 2022 Lewy debtors Prepayments & accrued income 16,571 16,083 32,654 17,765 15,076 32,841 10 Cash at Bank 2023 2022 Committed funds (note 12) Uncommitted funds 10,707 741,675 752,382 7,500 723,603 731,103 11 Creditors 2023 2022 Accruals & deferred income Other creditors (note l O) VAT 4,401 10,707 6,525 21,633 7.615 7,500 3,276 18.391
Pig Recen Limite 15 Notes to the financial statements for thc year endcd 31 March 2023 leontinuedl 12 Committed Research Expenditure 2023 2022 Committed expenditure al start of year Rescarch grant and cost ¢ommitmcniS made during the year Paid during the ycar Committed expendilure at end of year 7,500 30,180 78,862 (75,655) 10.707 38,528 (61,208) 7.500 13 Movement in Funds Income and expenditure account Cgpit81 rescrvc Revaluation Total reserve Teserves Opening balance 426,394 956.427 46,000 1.428.821 Incomings 122,138 122.138 Resources expended 104,290 104.290 Transfer to profit & loss Balance at 31 March 2023 444,242 956.427 46,000 1,446,669 R¢valualion reserve of tangible assets Revaluation reserve of inv¢stmcnt prop¢rti¢s 46.000 46,000 14 Sharc Capital- Limittd by Guarantee Pig ReGen Limited is a ¢ompany limil¢d by guarant¢¢. The liability of the members is limited to an amount not exeeding £1.